The direct vacancy rate also fell, from 6% in second quarter 2002 to 14.8% in the same quarter this year.

The decreases are due to new space in the market, as well as relocations--and the submarket's past success, Maggie Guajardo Kurtz, director of office brokerage for Cushman & Wakefield of Florida Inc. in Miami, tells GlobeSt.com.

Included in those factors was the repositioning of Mayfair in Coconut Grove, which added a significant amount of office space to what was previously all retail. In addition, Grand Bay Plaza and SBS Tower had vacancies after tenants relocated, according to Kurtz. And while Mayfair contributed to the higher overall vacancy rate in the submarket, it is a positive thing because it's adding new space, she adds.